Get informed with February 2017 market update. In February 2017:
- 347 single-family homes sold on the MLS® System compared to 406 last February, a decrease of 15 per cent.
- Sales rose by 42 per cent from January 2017, which saw 245 sales.
- Inventory of single-family homes declined by 38 per cent from February 2016, with 949 active listings compared to 1,529 one year ago.
- However, the 949 available properties reflect a six per cent increase over January, an encouraging development since the lack of inventory continues to challenge consumers and REALTORS® in the VIREB area.
Last month, the benchmark price of a single-family home in the VIREB area was $403,100, up 18 per cent from one year ago. Prices increased in every zone, ranging from 14 per cent in Duncan and Port Alberni to 25 per cent in Nanaimo.
The benchmark price of an apartment in February rose 22 per cent board-wide from the previous year, but we saw the highest increases in Parksville-Qualicum (24 per cent), the Comox Valley (26 per cent), and Campbell River (26 per cent). The townhouse market also strengthened in January, posting a 20 per cent increase board-wide.
MORE NANAIMO REAL ESTATE MARKET UPDATES
For a look at our comprehensive stats package, click here. Prefer a visual snapshot? Then check out our February 2017 infographic.
The the local market has cooled, it appears that Vancouver’s resale market is strong and attracting the interest of foreign buyers. The Globe and Mail reports that Vancouver still has a strong interest from foreign buyers, even in the wake of a new property tax for foreign buyers.
The Market Update for some sales in Nanaimo has cooled. Inventory has dipped to a new historical low in October 2016, meaning there are very few homes on the market compared to months and years past. Here are some of the highlights for October 2016 Real Estate Market Update.
October 2016 Real Estate
IN October 2016, 399 single-family homes sold on the MLS® System compared to 368 last October – an increase of eight per cent.
Sales have decreased month over month by 24 per cent from September.
Reduced sales activity
Reduced sales activity in October was likely caused by typical late-summer cooling and continuing inventory challenges.
- Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999.
- In October 2016, the benchmark price of a single-family home in the VIREB area was $393,700, up 16 per cent from one year ago.
- Prices increased 19 per cent in Nanaimo and the Parksville-Qualicum area.
- The benchmark price of an apartment rose approximately 18 per cent board-wide, with Parksville-Qualicum reporting an increase of 33 per cent.
- The townhouse market also strengthened, posting a 12 per cent increase board-wide.
For more information on what this means for you, contact one of RE/MAX of Nanaimo’s REALTORS®